TLDR vs. HYHG

Last updated Jul 14, 2026

TLDR (The Laddered T-Bill ETF) and HYHG (ProShares High Yield-Interest Rate Hedged) are both exchange-traded funds - TLDR is a Ultrashort Bond fund actively managed by REX Shares, while HYHG is a High Yield Bonds fund tracking the Citi High Yield (Treasury Rate-Hedged) Index. TLDR is actively managed, while HYHG is passively managed. At a correlation of -0.28, they often move in opposite directions. TLDR charges 0.20%/yr vs 0.50%/yr for HYHG.

Performance

TLDR vs. HYHG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Laddered T-Bill ETF (TLDR) and ProShares High Yield-Interest Rate Hedged (HYHG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TLDR

• 1D: -0.02%
• 1M: 0.31%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HYHG

• 1D: 0.40%
• 1M: 0.73%
• 6M: 3.88%
• YTD: 4.22%
• 1Y: 7.23%
• 3Y*: 9.18%
• 5Y*: 7.06%
• 10Y*: 5.94%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TLDR vs. HYHG - Yearly Performance Comparison

	2026 (YTD)
TLDR The Laddered T-Bill ETF	1.63%
HYHG ProShares High Yield-Interest Rate Hedged	3.35%

Correlation

The correlation between TLDR and HYHG is -0.28, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 21, 2026	-0.28

Return for Risk

TLDR vs. HYHG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TLDR

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

HYHG

HYHG Risk / Return Rank: 60
HYHG Sharpe Ratio Rank: 46
HYHG Sortino Ratio Rank: 46
HYHG Omega Ratio Rank: 44
HYHG Calmar Ratio Rank: 84
HYHG Martin Ratio Rank: 79

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TLDR vs. HYHG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Laddered T-Bill ETF (TLDR) and ProShares High Yield-Interest Rate Hedged (HYHG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	TLDR	HYHG	Difference
Sharpe ratio: Return per unit of total volatility	—	1.29	—
Sortino ratio: Return per unit of downside risk	—	1.87	—
Omega ratio: Gain probability vs. loss probability	—	1.23	—
Calmar ratio: Return relative to maximum drawdown	—	3.59	—
Martin ratio: Return relative to average drawdown	—	11.96	—

Drawdowns

TLDR vs. HYHG - Drawdown Comparison

The maximum TLDR drawdown since its inception was -0.05%, smaller than the maximum HYHG drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for TLDR and HYHG.

Drawdown Indicators

	TLDR	HYHG	Difference
Max Drawdown Largest peak-to-trough decline	-0.05%	-25.71%	+25.66%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.02%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-7.47%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-9.21%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-25.71%	—
Current Drawdown Current decline from peak	-0.02%	0.00%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.01%	-3.02%	+3.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.61%	—

Volatility

Volatility by Period

	TLDR	HYHG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.16%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.01%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.41%	5.63%	-5.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.41%	8.18%	-7.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.41%	9.07%	-8.66%

TLDR vs. HYHG - Expense Ratio Comparison

TLDR has a 0.20% expense ratio, which is lower than HYHG's 0.50% expense ratio.

Dividends

TLDR vs. HYHG - Dividend Comparison

TLDR's dividend yield for the trailing twelve months is around 1.56%, less than HYHG's 6.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYHG ProShares High Yield-Interest Rate Hedged	6.70%	6.97%	6.57%	6.07%	5.58%	4.54%	5.21%	6.06%	6.45%	5.57%	5.37%	6.37%
TLDR The Laddered T-Bill ETF	1.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TLDR and HYHG in my portfolio?

TLDR and HYHG have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TLDR or HYHG?

On fees, TLDR is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TLDR or HYHG?

TLDR is cheaper with a 0.20% expense ratio, compared with 0.50% for HYHG.

Which ETF pays a higher dividend yield, TLDR or HYHG?

HYHG has the higher dividend yield at 6.70%, compared with 1.56% for TLDR.

What is the main difference between TLDR and HYHG?

TLDR is categorized as Ultrashort Bond, while HYHG is High Yield Bonds. They also come from different issuers: REX Shares and ProShares. Their fees differ too: 0.20% for TLDR and 0.50% for HYHG.